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Buenos Aires Grain Exchange puts Argentina's 2018-19 soybean crop at 56 million mt, with harvest nearly complete at 55.4 million mt. USDA forecasts Argentine soybean exports at 7.75 million mt, and soymeal and soyoil exports are projected to rise.
The article says China is looking to South America for purchases amid the US-China dispute.
A large Argentine crop and rising China demand for South American beans add supply that competes with Brazil and eases tightness in soy complex prices. Strong meal and oil export forecasts add bearish pressure on soymeal and soyoil.
en.mercopress.comJun 15, 2019After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
